Firm: Spire Capital Partners
Fund: Spire Capital Partners II LP
Target: $300 million
Amount Raised: $300 million
Media specialist and growth capital investor Spire Capital Partners is expected to soon close on target with $300 million for its sophomore vehicle, well below its hard cap of $400 million.
The New York-based firm earlier this year began investing from Spire Capital Partners II LP, earmarked for growth investments of $15 million to $25 million in media, communications and business services. In one early deal from the fund, the firm acquired SalvageSale Inc., a Houston, Texas-based company that provides an online marketplace and other services for commercial insurance salvage and corporate end-of-life assets. The firm also took a majority stake in Professional Bull Riders Inc., a Colorado Springs, Colo., company that bills itself as offering “the greatest show on dirt.”
Spire Capital invested in 11 companies from Fund I, including Nassau Broadcasting Partners LP, a radio broadcasting company, and SkyMall Inc., which publishes the SkyMall catalog found in airplane seatback pockets.
The small-market shop was launched in April 2000 by four former co-founders of Waller-Sutton Media Partners. Its inaugural fund, Spire Capital Partners LP, closed with $260 million in 2000. Investors in that debut fund include Bessemer Trust, CIBC Capital Partners, Citizens Capital Inc., First Union Investors Inc., Northeast Utilities and West LB Asset Management (USA) LLC.—J.P.